Digital Asset Wallet Phantom Refutes Rumors It Will Initiate a Token Airdrop to Complement Its Soon-to-be-Released Social Discovery Feature

Announced on Dec. 19, Phantom's new social discovery feature will allow users to create a profile, add other users as friends and choose between three

Digital asset wallet Phantom has denied rumors that it will be conducting a token airdrop to accompany its upcoming social discovery feature.

“We've seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token,” the non-custodial crypto wallet provider stated in a Jan. 3 X post.

Announced on Dec. 19, Phantom’s new social discovery feature will enable users to create a profile, add other users as friends, and select between three profile privacy levels — public, private, and invisible.

Some members of the crypto community, such as X user “Slim,” claimed that users of the new feature will earn tokens for following others and getting followed, sparking speculation of a token launch.

Meanwhile, Phantom announced that it will be integrating layer 1 blockchain Sui on Dec. 6, making it the fourth blockchain that Phantom supports after the Bitcoin, Ethereum, and Solana networks.

The company stated that the integration will occur sometime in “early 2025.”

Phantom has emerged as one of the leading non-custodial crypto wallets this bull cycle, having reported 7 million monthly active users last April.

Phantom briefly became the second most popular application in the Apple App Store's utilities section on Nov. 20 as crypto markets were still rallying following Donald Trump's presidential election victory.

However, not all has gone smoothly for Phantom in recent months.

Developers behind the Phantom wallet were prompted to issue an emergency update for iPhone users after some reported that their applications had been reset, locking them out of their wallets unless they had memorized their recovery phrase.

One Phantom user reported losing around $600,000 at the time.

Phantom was founded in 2021 in San Francisco, California by the firm’s CEO Brandon Millman, chief product officer Chris Kalani, and chief technology officer Francesco Agost.

Phantom also provides non-custodial services for users looking to secure their non-fungible tokens.